São Paulo, Brazil – Last week, during the Saudi Startup 20 Brazil 2024 Side Event, a key bilateral agreement was signed between Saudi Arabia and Brazil. Leading the Saudi Arabian delegation was Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, who formalized the agreement between Entrepreneurship Vision (Evision) and the Arab-Brazilian Chamber of Commerce (ABCC). This initiative aims to enhance the exchange of startups and foster greater cooperation between the innovation ecosystems of both nations. The Memorandum of Understanding (MoU) outlines a strategic collaboration to encourage trade, investment, tourism, and cultural exchanges. Represented by Mr. Osmar Chohfi, President of ABCC, and the Saudi delegation, this partnership aims to fortify economic relations and promote the international expansion of businesses from both regions.
The signing of this MoU marks the start of a pivotal collaboration aimed at supporting Saudi and Brazilian entrepreneurs as they pursue international growth. With an emphasis on creating a strong platform for startup development, this partnership will offer vital support for technology innovation and facilitate market access.
Brazilian companies and prominent figures such as Filipe Sabará, founder of ARCAH and former Secretary of Social Development of São Paulo, Romero Rodrigues, CEO of Headline, and Rodrigo Borges, founder of Buscapé, played active roles in the event’s discussions, which focused on the influence of governments and venture capital on nurturing innovation ecosystems.
His Royal Highness, Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud, underlined the importance of this partnership as a landmark in enhancing Saudi Arabia’s standing in the global startup landscape. He reiterated Saudi Arabia’s commitment to backing entrepreneurs and stimulating investments in key sectors, in alignment with Saudi Vision 2030.
Prince Fahad further highlighted NEOM’s leading role as a hub of innovation in Saudi Arabia. “NEOM’s groundbreaking projects attract top global talent and innovative thinkers, creating the perfect environment for startups and entrepreneurs across all industries. NEOM presents professionals, startups, and established companies alike with a unique opportunity for exceptional growth through involvement in its development,” he remarked.
“NEOM is more than a futuristic region; it represents a comprehensive vision for the future. By fostering creativity and unconventional solutions, NEOM aims to establish a sustainable and innovative economy that tackles the most pressing challenges of our time,” he added.
The partnership with Brazil not only promotes innovation but also creates investment opportunities and facilitates the exchange of knowledge between the two countries. It enables Saudi entrepreneurs to explore new markets and introduce their cutting-edge solutions globally.
“The Startup20 Engagement Group offers a distinct platform for bringing together bright minds and fostering an innovative environment, which is a cornerstone of our vision for the future,” concluded Prince Fahad bin Mansour bin Nasser bin Abdulaziz Al Saud.
This collaboration reaffirms Saudi Arabia’s dedication to achieving the Vision 2030 objectives, including diversifying the economy and bolstering small and medium-sized enterprises. The Saudi delegation, representing multiple sectors, is determined to expand Saudi Arabia’s global footprint in the startup world and promote a sustainable, innovative business ecosystem.
Published by: Nelly Chavez
